Bruno Wall and brother Alf Wall are developing a project in South Surrey that, unlike previous Surrey condominium developments, is not aiming to convince Vancouverites to move south of the Fraser River.
No, Edgewater’s target market is not Asian investors, either.
The brothers’ Barber Creek Development Ltd. has hired Fifth Avenue Real Estate Marketing to market the project mostly to Surrey residents.
They envision five three-storey wood-frame buildings on their 14-acre site. So far, pre-sales have been a success with 54 of the 135 pre-sale units snapped up.
“This is being built with the person who already lives in Surrey in mind,” Fifth Avenue Real Estate Marketing vice-president Cristy Edmonds told Business in Vancouver June 9.
TransLink research shows that 85% of trips by residents south of the Fraser River stay on that side of the waterway. So, it makes sense to focus on Surrey residents instead of touting the project as “Yaletown comes to Surrey,” as some projects have done.
“A bunch of people are downsizing from single family homes in Morgan Creek,” Edmonds said. “They are excited to purchase because they can stay in the neighbourhood, simplify their life and have more of a lock-and-go lifestyle.
“We also have a younger demographic who has grown up in the area.”
Most younger buyers cannot afford the many townhomes on sale near White Rock.
Edgewater is on 36th Avenue whereas White Rock starts at 16th Avenue and is a short five-minute drive away.
Glen Korstrom
Twitter: GlenKorstrom